26 October 2018 Afternoon Session Analysis
Dollar flatten while investors keeping eyes on GDP
Dollar index was traded flat after hitting two-month highs on yesterday as investors are still waiting for the third quarter U.S. GDP data due later today. This data is considered crucial towards US dollar as it could affect the future path of U.S Federal Reserve Monetary Policy. Economist forecasted the data to come in at 3.3% which slightly lower than the previous month with 4.5%. If the GDP actual reading came in lower than expectation, it will definitely create negative sentiment toward the market and it also implies that dollar-bulls might be jeopardized. US Dollar notched down 0.03% to 96.35 as of writing. On the other hand, the pair of EUR/USD tumbled 0.11% to 1.1365 amid European Central Bank (ECB) failed to spur the market following the conclusion of monetary policy decision on yesterday. During press conference, ECB President Mario Draghi delivered a slightly dovishness, admitting that the current economic projection contains risks that stems from Italy budget crisis and Brexit conundrum.
On the commodities market, crude oil price notched down 0.18% to $66.75 per barrel although Saudi Arabia’s OPEC governor said that the market may become oversupplied soon and while signaling to cut supplies in the coming months. Next, gold price plunged 0.02% to $1231.75 per troy ounce amid dollar’s recovery.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 EUR ECB President Draghi Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | USD – GDP (QoQ) (Q3) | 4.2% | 3.3% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Oct) | 99.0 | 99.0 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 873 | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 96.30. MACD which illustrate the formation of death cross suggest the index to be traded lower in short term toward the support level at 96.30.
Resistance level: 96.45, 96.55
Support level: 96.30, 96.15
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2820. MACD which illustrate bullish momentum and formation of golden cross suggest the pair to be traded higher in short term toward the resistance level at 1.2910.
Resistance level: 1.2910, 1.2955
Support level: 1.2805, 1.2690
EURUSD, H1: EURUSD was traded lower following prior breakout from the previous support level at 1.1385. MACD which illustrate bullish momentum and formation of golden cross suggest the pair to be traded higher in short term toward the resistance level at 1.1385.
Resistance level: 1.1385, 1.1430
Support level: 1.1360, 1.1320
USDJPY, H1: USDJPY was traded lower following prior breakout from the previous support level at 112.20. MACD which illustrate bearish momentum and formation of death cross suggest the pair to extend its losses toward the support level at 112.05.
Resistance level: 112.20, 112.45
Support level: 112.05, 111.80.
AUDUSD, H4: AUDUSD was traded lower following prior breakout from the previous support level at 0.7045. MACD which illustrate the formation of death cross suggest the pair to extend its losses toward the support level at 0.7025.
Resistance level: 0.7045, 0.7065
Support level: 0.7025, 0.6995
NZDUSD, H4: NZDUSD was traded lower following prior breakout from the previous support level at 0.6495. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6455.
Resistance level: 0.6495, 0.6535
Support level: 0.6455, 0.6425
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level at 1.3115. MACD which illustrate the formation of golden cross suggest the pair to extend its gain after successfully breakout.
Resistance level: 1.3115, 1.3185
Support level: 1.3050, 1.3000
USDCHF, H4: USDCHF was traded higher following prior breakout from the previous resistance level at 0.9980. MACD which illustrate bullish momentum and formation of golden cross suggest the pair to extend the gains toward the resistance level at 1.0010.
Resistance level: 1.0010, 1.0050
Support level: 0.9980, 0.9940
CrudeOIL, H1: Crude oil was traded lower following prior breakout from the previous support level at 67.05. MACD which illustrate bearish momentum and formation of death cross suggest the commodity to extend its losses toward the support level at 66.10.
Resistance level: 67.05, 67.45
Support level: 66.10, 64.20
GOLD_, H1: Gold was traded higher following prior rebound from the support level at 1229.15. MACD which illustrate bullish momentum and formation of golden cross suggest the pair to extend its gain toward the resistance level at 1233.05.
Resistance level: 1233.05, 1236.55
Support level: 1229.15, 1225.75